Q3 2026: Revenues increased 9.96%, EBIT increased 79.62%. First 9 months 2026: Revenue increased 11.99%, EBIT increased 103.68%. Transition to new B2B business model in Q4 2026.
Key Facts for the 3rd Quarter 2026 (1st July 2026 – 30th September 2026)
Revenues increased 9.96% and EBIT increased 79.62%.
All figures are compared to the same quarter last year if not explicitly stated otherwise.
- Revenues increased by 9.96% to €8,717,367 (€7,928,107).
- EBIT increased by 79.62% to €3,044,040 (€1,694,721).
- EBIT margin of 34.92% (21.38%).
- Net profit increased by 114.83% to €2,628,384 (€1,223,484).
- Earnings per share of €0.0351 (€0.0163).
- PremierGaming Ltd, the Group’s B2C subsidiary licensed in Malta and Sweden focusing on Northern Europe, represented 1.11% of the Group’s revenues in Q3 2026. PremierGaming recorded higher customer winnings in Q3.
Events During Q3 2026
- The available cashflow from operations at the end of Q3 2026 was €3,237,650 (€2,588,723 end of Q2 2026).
- PremierGaming Ltd refined its niche strategy resulting in developing a more innovative technological and product approach to differentiate itself towards end users. It was further decided to start providing gaming software for computer-simulated slot machine games to primarily be used to provide PremierGaming Ltd with a more entertaining and differentiated product to the end consumers. The games will primarily be distributed via PremierGaming's own brands in Sweden and thus adapted to the own brands' target groups of recreational players. For efficiency reasons the development of the games is outsourced. The Swedish Gambling Authority granted PremierGaming Ltd. a licence to provide gaming software used in the provision of online gaming. The permit is valid from 2026-08-28 to 2031-08-27 (5 years).
- Marlin Media Ltd closed Q3 2026 with marvnBoost, the proprietary and fully owned AI content engine for iGaming teams (B2B), moving from launch to a defined commercial model. Three subscription tiers are now on the market and a free trial was introduced to shorten the path from interest to first use. The Company exhibited marvnBoost at SBC Summit Lisbon, its first major industry showcase, which generated strong direct feedback from, providers, operators and affiliates and validated the commercial positioning. That feedback shaped the next phase of the product. Demand from the show pointed consistently beyond the platform’s current content scope; therefore, the Group is expanding marvnBoost’s capabilities to meet broader client requirements, focused on scale and automation. On marvn.ai, organic visibility came under pressure during the quarter as generic search engines continued to reduce the volume of traffic they send to independent publishers, a shift affecting affiliate and comparison sites across the sector. Management treats this as confirmation of a direction already under review and is repositioning marvn.ai as a product with an engaged user base rather than a search traffic asset. Multilanguage support and enrichment of the existing published data set are in development.
Events After Q3 2026
- Changes to the B2B Business Model and Commercial Arrangements
As part of the Group’s ongoing strategy to strengthen its focus on its proprietary iGaming platform and streamline its operations, the Group is progressing with a significant restructuring of its B2B business model. Under the revised model, the Group intends to focus its B2B offering exclusively on the provision of its proprietary iGaming platform, discontinuing the provision of non-software-related B2B services.
In connection with this transition, the Group has been engaged in advanced negotiations with its B2B partners regarding revised commercial arrangements. The parties have reached an agreement in principle on the key commercial terms, with the revised business model expected to take effect from 1 November 2026. While the formal agreements have not yet been executed, the Group expects the arrangements to be finalised in the near term.
Under the proposed arrangements, the Group would introduce a revised fee structure, resulting in lower revenues from its B2B partners. At the same time, the Group's operating costs would decrease, as affiliate and royalty-related costs associated with the partners' operations would become the responsibility of the respective B2B partners. The revised arrangements are also expected to reduce the Group's exposure to certain operational and commercial risks.
As an integral part of the proposed commercial package, the Group has agreed in principle to provide a one-off commercial incentive in the aggregate amount of €5.25 million, conditional upon the B2B partners entering into new five-year contractual arrangements under the revised business model. The incentive is intended to facilitate the transition and secure the partners’ long-term commitment to the Group's proprietary iGaming platform. It would be effected through a corresponding reduction in existing amounts receivable from the B2B partners.
The accounting and financial reporting implications of the proposed arrangements are currently being assessed and will be recognised in accordance with the applicable IFRS requirements once the arrangements become legally effective.
The revised commercial arrangements are expected to result in significant changes to the Group's revenue and cost structure and may have a significant impact on profitability during a transition period before the anticipated operational and commercial benefits are fully realised. As the arrangements have not yet been finalised, their overall financial impact cannot currently be estimated with sufficient reliability.
The proposed arrangements remain subject to final agreement and execution and have no effect on the Group's reported financial results for Q3 2026.
- Aegirsoft Ltd – Further Reorganisation of Software Development Activities
In parallel, the Group continues to advance the reorganisation of its software development activities, reflecting its strategic prioritisation of its proprietary iGaming platform over recent years.
The reorganisation involves consolidating the resources dedicated to the development and ongoing enhancement of the platform within a single, dedicated technology entity within the Group – Aegirsoft Ltd, with the consolidation process is being expected to be completed during 2026. As part of this process, Nicholas Formosa has been appointed CEO for Aegirsoft Ltd. Nicholas, who has over 15 years’ experience in leading technical positions, has been with the Group since the start and has been heading the Group’s B2B propriety technical platform for the last seven years.
The consolidation is intended to establish a more streamlined and operationally efficient structure, enhance the Group's strategic focus on its core technology offering and support the continued development and commercialisation of its proprietary iGaming platform.
- PremierGaming Ltd
PremierGaming Ltd, based on its updated strategy, increased its marketing spending for the Swedish brands in Q4, resulting in a 103% growth of new unique depositing players in October compared to September 2026. Besides increased marketing spendings the growth benefited from:
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- The update of Prontolive.se with the effective and efficient latest version of the Group’s B2B iGaming platform software.
- The launch of the innovative slot ProntoChoice using PremierGaming’s licence to provide gaming software in Sweden.
- The launch of the innovative Volameter, a search tool for end users to find slots based on their preferences for volatility in the slots.
- Marlin Media Ltd
Marlin Media Ltd’s development effort is directed towards custom content pipelines for game aggregators, service providers and game providers, a segment that requires content at scale and is underserved by conventional agency models. The platform will also adopt a new brand identity reflecting that wider remit; the launch will be communicated in due course. The Company is consolidating around a B2B revenue model led by marvnBoost and has added headcount to the team to support this.
Key Facts for 1st January 2026 – 30th September 2026
Revenues increased 11.99% and EBIT increased 103.68%
All figures are compared to the same period of last year if not explicitly stated otherwise.
- Revenues increased by 11.99% to €25,476,689 (€22,749,172).
- EBIT increased by 103.68% to €8,819,428 (€4,330,062).
- EBIT margin of 34.62% (19.03%).
- Net profit increased by 147.45% to €7,535,059 (€3,045,084).
- Earnings per share of €0.1005 (€0.0406).
Thomas Kalita, Angler Gaming plc’s CEO, comments:
“We are delighted with the quarter’s revenue, EBIT and net profit performance, alongside stronger operating cash flow.
B2B momentum remains strong, supported by our proprietary iGaming platform. While the new business model is expected to reduce revenue and profit from 1 November 2026, our focused software offering provides a foundation for future growth and improved profitability.
PremierGaming advanced its niche strategy with a platform upgrade, a five-year Swedish slots licence and the launch of Volameter. New unique depositing customers in Sweden doubled in October; the focus now is on tracking lifetime value.
Marlin Media established marvnBoost’s commercial model with three subscription tiers and a free trial. Its SBC Summit Lisbon debut generated strong industry feedback, supporting its focus on B2B revenue.
An intense quarter strengthened the Group’s foundations for growth under its new B2B business model and B2C strategy. I am proud of what our teams have achieved.”
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